The Listing Act WG was created to closely monitor the legislative initiative of the European Commission, called “Listing Act”, which aims to simplify the listing requirements, including post-listing, in order to make public capital markets more attractive and facilitate access to capital for SMEs.
The Listing Act proposals concern the main pillars of the EU capital markets legislation, such as the Prospectus Regulation, the Market Abuse Regulation, MiFID II, MiFIR, the Transparency Directive and the Listing Directive.
These legislative proposals may directly impact the capital markets environment in Luxembourg and it is therefore essential to track them and to adopt positions in the interests of the Luxembourg capital markets community.
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The main purpose of the Listing Act WG is to analyse the Listing Act legislative proposals and their impact on the EU and Luxembourg capital markets and to monitor their development during the EU legislative process. The WG also provides feedback and participates in consultations related to the texts at the EU and national level. The rich and varied experience of the members of the WG ensures that the analysis takes into account the interests of capital market participants from different sectors.
In addition, the WG also interacts with other entities, associations and state bodies to share, consult and further promote its views on the Listing Act initiative.
In March 2023, the Listing Act WG submitted to the European Commission its feedback on the proposals, which mainly focused on the suggested repeal of the Listing Directive and the proposed amendments to the Prospectus Regulation.
Luxembourg Stock Exchange
Allen & Overy
- Listing Act
On 7 December 2022, the European Commission put forward measures to make public markets more attractive for EU companies and facilitate access to capital for small and medium-sized enterprises. The overall objective is to introduce technical adjustments to the EU rulebook that reduce regulatory compliance costs, streamline the listing process and enhance legal clarity while ensuring an appropriate level of investor protection and market integrity.
LuxCMA sums up some of the main changes under the new prospectus regime applicable as from 21 July 2019.